Accessing the commercial space has been considered by many cryptocurrency analysts as one of the major steps towards mass adoption and the partnership between Flexa and Gemini brings this reality a little closer.
Flexa, a financial startup which enables retailers accept crypto payments in their stores, joined Gemini exchange by integrating a number of cryptocurrencies, such as Gemini dollars (GUSD), Bitcoin, Ethereum and Bitcoin Cash into the SPEDN mobile wallet app.
Thus, with SPEDN mobile wallet users can easily shop at a number of commercial brands including recognized retailers like Crate and Barrel, Nordstrom and Whole Foods that now accept digital currencies for their products.
So, does this mean that you’ll be able to pay with Bitcoin for your products?
Well, not really. What the SPEDN wallet app does is actually exchange user’s Bitcoin at the moment the purchase takes place so the store receives fiat, though they can select to receive crypto if they want to do so.
Many shops and merchants still choose to accept the good old dollar for their products because they are afraid of the cryptocurrencies’ known volatility and also for accountancy and tax reasons.
Though not mentioned in the announcements, Starbucks seems to be unofficially included in the list of accepted locations, so if you have installed SPEDN on your mobile phone and transferred some Bitcoin to your wallet, you can go ahead and try to pay for your Starbucks coffee.
SPEDN crypto wallet app permits users transfer four types of digital currencies. These are Bitcoin, Bitcoin Cash, Ethereum and the Gemini Dollar (a stablecoin). Though one may argue that transaction speeds are not that fast for paying on the spot, it seems that Flexa SPEDN app offers a reliable real-time transaction method.
Large commercial players that choose to accept this type of payment have the possibility to avoid the high commission fees practiced by major payment networks like Visa. If the project will prove to be a success, it is certain more commercial players will start accepting cryptocurrency payments soon.